JPMorgan Claverhouse misses benchmark but keeps up dividend growth
JPMorgan Claverhouse Investment Trust PLC on Thursday reported its half-year results, noting that while it lagged behind its benchmark, its long-term track record "remains intact".
The UK equities-focused investment trust's net asset value total return was plus 6.6% for the first six months of 2026. Its benchmark, the FTSE All-Share Index, generated a plus 7.2% return.
"Relative performance was supported by sector allocation decisions but it was hurt by stock selection due to disappointing performance from a small number of portfolio holdings," it noted.
However, Claverhouse outperformed the index in the longer term with three-year and ten-year cumulative NAV total returns of plus 57.6% and 137.0%, compared with the FTSE All-Share's 52.9% and 128.9%.
"While performance over the six-month review period lagged the benchmark, the company's track record of longer-term outperformance remains intact," Chair Victoria Stewart summarised, noting that Claverhouse is "one of only four UK income-focused investment trusts to beat its benchmark over the past ten years."
The trust declared a second interim dividend of 8.50 pence per share, matching the first, and up from 8.40p for the second quarter of 2025. It noted that it "has increased its dividend for 53 successive years".
Its NAV per ordinary share was 934.2p as of June 30, up from 810.2p one year prior.
JPMorgan Claverhouse shares were 0.9% higher at 976.38 pence on Thursday in London.
Looking ahead, Stewart commented: "The board shares the portfolio managers' optimism about the outlook for UK equities and for your company, especially as the market continues to offer many interesting, well-priced opportunities with attractive dividend yields and the prospect of future dividend growth.
"We are confident that the portfolio managers' ongoing focus on these opportunities should ensure the company continues to provide shareholders with attractive returns and a growing income over the long term."
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